Transcript

1.
Orbograph
Sereno™
Innovative use of Image Analyzers with Multi-Source Correlation Modeling™ Brings New
Paradigm in Fraud Detection
Fraud Increases While Volumes Decline
As check transaction volumes decline one
might expect check fraud to follow the
same trend. Unfortunately, both fraud attempts and losses continue to increase. According to the 2009 ABA Deposit Account
Fraud Survey Report, in 2008, check fraud
losses were estimated at $1.024 billion, an
increase from $969 million in 2006. Additionally, the number of fraud cases increased from 561,306 to 760,955.
Market Overview
Large financial institutions deal with multichannel fraud activities every day. Although
it may appear fraud prevention is improving
year to year, fraud attempts are increasing.
Today’s fraud systems leave millions of dollars in losses on the table with high costs to
manage false positives.
Community banks and credit unions are
faced with a slightly different challenge as
losses are modest, but the potential risk is
now greater as payment channels overlap
and criminals move downstream to smaller institutions. They need cost effective solutions that are preventative in nature, integrate easily in conjunction with existing
image systems and automate high dollar review - all with a customer centric approach!
New Implementation for Fraud Detection
In an effort to consolidate platforms and improve efficiency, Sereno with Multi-Source
Correlation Modeling™ is the industry’s only fraud solution that tightly integrates image
analyzers with MICR/index data to provide
the lowest false positives and the highest
fraud detection rates in the industry. Sereno
can also run concurrently with check processing automation (Automation Services),
Amount Verification (AV) and image quality testing (IQUA).
Sereno complements today’s image workflows and transactional fraud systems with:
• Day0/Real-time detection during
teller capture/ATM/RDC
• Day1/Concurrent detection during
centralized and branch capture
• Day2/Next morning processing for
all on-us check transactions
Standalone Processing
For financial institutions that prefer to run
stand alone, our “Silent Agent” ingests
X9.37 files or TIFF images from any directory throughout Day1 or after image capture.
After Sereno analyzes the images, a small
queue of suspects are available for payment
approval - A new paradigm with simple implementation!
Technologies to Reduce False Positives
Running on G6 Enterprise Recognition
Technology, a Services Oriented Architecture (SOA) platform, Sereno uses image
analysis capabilities from multiple recognition engines to auto-clear good items and
focus in on a very small population of suspects. Specially developed algorithms handle even problematic images with precision:
image quality defects, IRDs, stripped items,
and pre-authorized drafts.
Multi-Source Correlation Modeling™ identifies on-us check fraud by utilizing multiple
technologies.
Check Stock Validation
Compares field coordinates/layout with previously cleared checks for counterfeit detection to identify fraudulent items missed
by today’s filters:
• Reduces false positives from
amount/serial out of range
• Identifies IRD’s and pre-authorized
drafts (remotely created checks) to
reduce false positives and empower analysts
• Identifies stripped items and travelers checks with dual MICR image
Automated Signature Verification
Compares image signature on check
against signatures of previously cleared
check(s) (signature card optional):
• Covers skilled and unskilled forgeries
• Validates amount and serial out of
range transactional data suspects
• Signature quality detection
Manages small and large signer lists for
personal and business checks.
Pre-Authorized Draft
• Protects Bank of First Deposit
• Can clear pre-authorized drafts if
flagged
“Sereno is on the forefront of architecture, performance, and functionality for image-based fraud”